KPMG: 15% of Canadians have done banking through a mobile device

A new report is out today from KPMG called Consumers & Convergence IV. It goes into detail of how we are integrating the internet and mobile technology into our every day activities. This was an international survey of 5,000 people in 22 countries, Canada’s had a total of 300 that were included in the survey.

Here’s what KPMG found when it came to Canadian doing mobile banking, security and privacy.– 63% are “very concerned” about privacy (globally it’s 67%)– 58% are “very concerned” about security (globally it’s 59%)– 19% feel comfortable using their mobile phone for financial transactions (globally it’s 34%)– 15% have done banking through a mobile device (globally it’s 45%)– 8% have made purchases using a mobile phone through a website (up 50% from last year but globally it’s 28%)

Many banking institutions in Canada have recently come out with their own apps on all major platforms such as BlackBerry, iPhone and Android. Back in April CIBC launched their iPhone app and their app alone found 100,00 downloads in the first month and had over 1 million client logins. Then ING and TD Bank followed with their mobile banking apps. In February, a report showed that only 9% of Canadians are accessing their account to check their balance. Bob Hedges of consulting firm Mercatus said that we Canadians are “at the tipping point in terms of adoption“.

So it looks like mobile banking is on an upswing over the past few months. Do make up this 15% of Canadians who are comfortable with mobile banking?

Mobile banking is secure as the major financial institutions usually have their web guarantees. I personally work for TD and our mobile phone banking is protected by the Easyweb Guarantee. The banks would not release mobile banking apps if they were not secure. It could get them into a lot of trouble if they werent and let me tell you, ridiculous testing is done before the release of these apps.

DAvid

As the interfaces to banking improve these numbers will surely increase. I’m way beyond needing a cell phone to check my account balance, and need it, especially when traveling, to make bill payments, transfer money between accounts, confirm buy-sell orders, etc. Were I even more mobile, and at home less, these options would be even more valuable.

KV

From the image attached to the article…

“pay from checking”!!!!!!

what is checking??!!

Rafi

This is one of the best features, helps me stay on budget and ensure my finances are in check.

Luke

banking from a mobile device is SECURE? WHAT A JOKE!!!! I don’t think so!

Sid

They should have asked about the data fees for checking your account online from your phone, I’m sure that would have been a bigger concern over security or privacy.